Category: Business & Economy

Kola mining and metallurgical company uses 3D models of its mines

Kola mining and metallurgical company uses 3D models of its mines

MURMANSK, March 14. /TASS/. A geology-mining information system to make 3D models of mines, which is based on geology exploration data, began working at the Severnyi mine of the Kola Mining and Metallurgical Company (Kola MMC, a part of Nornickel). According to the company’s press service, investments in the project made 76 million rubles ($1.16 million). “The mine’s geology model shows positions of layers and ore bodies, gives information about the mineral’s characteristics,” the press service said. By using this model, the company upgrades the work – it produces ore in necessary quantities, observing all technology and safety requirements, thus raising the work’s effectiveness. In…

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Russia’s Utair expects deliveries of Boeing 737 MAX 8 airplanes

Russia’s Utair expects deliveries of Boeing 737 MAX 8 airplanes

© Marina Lystseva/TASS MOSCOW, March 14. /TASS/. The Russian air carrier Utair has not received any notice from Boeing so far concerning postponement of the delivery time for Boeing 737 MAX 8 passenger jets, Chief Executive Officer of the company Andrei Martirosov told TASS. Utair ordered 30 Boeing 737 MAX 8 airplanes last year. “We are waiting for deliveries,” Martirosov said. “As far as our deliveries are concerned, we have not received any notices about postponement of supplies from Boeing, from leasing companies. However, I think the situation is developing rapidly. New information comes every hour. Probably, some changes will take place,” the top manager said.…

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Russian Transport Ministry blames construction and certification flaws for Boeing crashes

Russian Transport Ministry blames construction and certification flaws for Boeing crashes

© AP Photo/Preston Fiedler MOSCOW, March 14. /TASS/. Aircraft construction and certification flaws led to the recent crashes of the Boeing 737 Max 8, Russian Deputy Transport Minister Alexander Yurchik said. “Plenty of work will have to be done this year to establish a certification system in Russia. I would like to draw your attention that beefing up flight safety has been graphically demonstrated by the situation that is now unfolding with Boeing. It is becoming clearer that it is precisely the jet’s construction and certification flaws that resulted in the two crashes of the newest Boeing aircraft,” the deputy minister said. “This should be seen…

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Russian major bank’s chief calls Calvey’s arrest an ‘excessive measure’

Russian major bank’s chief calls Calvey’s arrest an ‘excessive measure’

Michael Calvey © AP Photo/Alexander Zemlianichenko MOSCOW, March 14. / TASS /. The arrest of Michael Calvey, the founder of the Baring Vostok investment fund, is an excessive measure, and the case itself raises questions and negatively affects the Russian market, head of VTB Bank Andrei Kostin told reporters on Thursday. “Being in a pre-trial detention center, especially for a long time, without a court decision, of course, is wrong. When it comes to Calvey, this measure is certainly excessive. At the very least, what we know raises many questions, and therefore there is no unequivocal clarity as I see it, on whether or not the…

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Aviation authority bans Boeing 737 MAX flights in Russian airspace

Aviation authority bans Boeing 737 MAX flights in Russian airspace

MOSCOW, March 14. /TASS/. Russia’s Federal Air Transport Agency (Rosaviatsia) has banned all Boeing 737 MAX flights in Russian airspace until further notice, the agency’s head Alexander Nerardko told reporters. “Rosaviatsia has issued a Notice to Airmen (NOTAM) stating that the flights of this type of aircraft [Boeing 737 MAX 8 and 9 – TASS] in Russian airspace are banned until further notice,” he said. In other media

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Berlin court orders Yukos ex-shareholders to pay Russia 188,000 euros in legal costs

Berlin court orders Yukos ex-shareholders to pay Russia 188,000 euros in legal costs

© EPA/BART MAAT MOSCOW, March 14. /TASS/. A Berlin court has ordered former shareholders of Hally’s Parsons Green, linked to now defunct oil company Yukos, to compensate Russia its legal costs to the tune of 188,000 euros, Head of the International Legal Protection Center representing Russia in the Yukos case Andrei Kondakov told TASS. “These days Berlin’s regional court delivered a judgement that ex-shareholders of the Hally’s Parsons Green company should compensate Russia 188,000 euros in legal costs linked to a proceeding launched by Germany in 2015 to demand Russia pay $50 bln in accordance with The Hague Arbitration Court’s well-known decisions,” Kondakov said. According to…

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Brent crude oil price exceeds $68 per barrel first since November 16, 2018

Brent crude oil price exceeds $68 per barrel first since November 16, 2018

MOSCOW, March 14. /TASS/. The cost of the futures contracts of Brent crude oil for May 2019 delivery gained 0.71% amounting to $68.03 per barrel on London’s ICE as of 11:10 a.m. Moscow time on Wednesday, according to the trading data. The cost of Brent crude oil last exceeded $68 per barrel on November 16, 2018. The price of futures contracts of WTI crude oil went up by 0.58% to $58.6 per barrel. The Russian national currency followed the pickup in the oil price as the dollar exchange rate dropped 0.13% to 65.32 rubles on the Moscow Exchange, while the euro lost 0.12% to 74.01…

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Russian Direct Investment Fund with foreign partners to invest $2.7 bln in Intergeo

Russian Direct Investment Fund with foreign partners to invest $2.7 bln in Intergeo

MOSCOW, March 14. /TASS/. Russian Direct Investment Fund (RDIF) together with partners from China and the Middle East will invest 178 bln rubles ($2.7 bln) in Intergeo, a metals and mining company and part of Onexim Group owned by Mikhail Prokhorov, the Fund said in a statement on Thursday. A group of investors including the Russian Direct Investment Fund, Russia’s sovereign wealth fund, the Russia-China Investment Fund and a leading Middle Eastern sovereign fund has acquired a 9.53% stake in the company. The group’s investment will promote the development of the Kingash and Ak-Sug polymetallic deposits, located in Russia’s Krasnoyarsk Territory and the Tyva Republic,…

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Moscow Court to consider Facebook administrative case on March 29

Moscow Court to consider Facebook administrative case on March 29

MOSCOW, March 14. /TASS/. The court will consider administrative papers against Facebook, which failed to furnish information regarding localization of personal data of the Russian users of the social network on the territory of Russia, on March 29, the Tagansky Court of Moscow told TASS. “The justice of the peace fixed consideration of the administrative violation case to March 29,” a court’s spokesperson said. The court will review similar papers in respect of Twitter on March 22, the spokesperson added. The Russian telecom and mass media regulator alleges that Facebook and Twitter violated Article 19.7 of the Russian Code of Administrative Violations (“Failure to submit or…

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Top Russian business lobbyist doesn’t see let-up in sanctions anytime soon

Top Russian business lobbyist doesn’t see let-up in sanctions anytime soon

MOSCOW, March 14. /TASS/. Sanctions against Russia will be toughened and no letup could be expected in the near future, Alexander Shokhin, the head of the Russian Union of Industrialists and Entrepreneurs, said at his Union’s joint session with the Valdai Discussion Club think tank. “Sanctions [against Russia] will be toughened and perhaps, there won’t be any sanctions relief,” Shokhin said. “The wheels have been put in motion so that even a change of leaders, in my opinion, won’t be able to stop it instantaneously and it will take long to slow down.” Drastic changes at the White House and the US Congress will help…

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No signs for new round of EU sanctions against Russia, says envoy to Brussels

No signs for new round of EU sanctions against Russia, says envoy to Brussels

MOSCOW, March 13. /TASS/. There are no prerequisites for a new round of Brussels’ sanctions against Moscow, Russia’s Permanent Representative to the European Union Vladimir Chizhov said in a televised interview with Rossiya’24 channel on Wednesday. According to Chizhov, the resolution contains recommendations for the EU executive bodies – the European Commission and the European External Action Service (EEAS). “As for the possible further sanctions, [the European Parliament’s resolution – TASS] does not include demands, but an appeal to the European Union to stay ready for new sanctions,” he said. “However, in my estimates, I can say with all responsibility that at present I cannot…

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Share of salmons in Russian aquaculture to reach 37% by 2030

Share of salmons in Russian aquaculture to reach 37% by 2030

MOSCOW, March 13. /TASS/. The share of salmon species within the total volume of fish farmed in Russia, Deputy Head of the Federal Agency for Fishery Vasily Sokolov said on Wednesday. “We want to change the species structure of aquaculture. As you see, we [now] have 65% of carp breeding. A different goal is set in our strategy by 2030, that is, salmons should account for at least 37% [in fish farming], because these are the most valuable and promising targets, from our point of view,” Sokolov noted. Other kinds of species should also appear in the domestic aquaculture, particularly whitefish. Domestic aquaculture demonstrates significant…

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Chechnya’s head says doesn’t care about US sanctions

Chechnya’s head says doesn’t care about US sanctions

GROZNY, March 13. /TASS/. Chechnya’s head Ramzan Kadyrov has commented on a US House of Representatives resolution by saying he doesn’t care about US sanctions. Earlier on Tuesday, the US House of Representatives adopted a resolution “calling for accountability and justice for the assassination of [Russian politician] Boris Nemtsov.” The document condemns Russian authorities, who, according to US legislators, covered up the assassination of Nemtsov. The House called on the US administration “to designate individuals whom they determine to have been involved in the assassination of Boris Nemtsov as perpetrators, organizers, or masterminds, on the list of specially designated nationals and blocked persons maintained by…

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Euro falls to fresh low since August 2018 on Moscow Exchange

Euro falls to fresh low since August 2018 on Moscow Exchange

MOSCOW, March 13. /TASS/. The euro exchange rate fell to a fresh low since August 2018 on the Moscow Exchange on Wednesday. According to the trading data, the European currency dropped to 73.88 rubles for the first time since August 8, 2018. The greenback lost 26 kopecks as of 5:05 p.m. Moscow time to 65.37 rubles. In other media

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British investors bought 39% of stake Crispian Investments sells in Norilsk Nickel

British investors bought 39% of stake Crispian Investments sells in Norilsk Nickel

MOSCOW, March 13. /TASS/. British investors bought 39% of the stake Crispian Investments is selling in Norilsk Nickel, Russian investors accounted for about 33%, VTB Capital, which was one of the organizers of the transaction, reported. There were also significant number of applications from the US and from continental Europe, Dmitry Bolyasnikov, co-head of the equity capital markets department at VTB Capital, said as quoted by the press office. “This transaction is the largest placement of shares of a Russian company since ABB (Accelerated Bookbuilt Offering) in the shares of the Magnit company in November 2017, as well as the world’s largest placement in the…

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Natural Resources Ministry estimates investments in Arctic logistics to 2030

Natural Resources Ministry estimates investments in Arctic logistics to 2030

MOSCOW, March 13. /TASS/. Russia’s Ministry of Natural Resources and Environment sent to the government a plan on development of the Arctic’s mineral and logistics potentials, estimating extra-budgetary resources to 2030 at about 10.5 trillion rubles ($160 billion), the ministry said on Wednesday. The plan includes 118 projects to develop the Arctic zone’s mineral base. Under the business-as-usual scenario, the cargo flow in the Arctic may be about 60 million tonnes by 2024. In case of a breakthrough development, transportation of mineral resources cargo only along the Northern Sea Route may hit the level of 77 million tonnes. At the same time, the main cargos…

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International Arctic forum to focus on global shipbuilding’s developments

International Arctic forum to focus on global shipbuilding’s developments

MOSCOW, March 13. /TASS/. Recent achievements in shipbuilding will be on agenda of the Arctic: Territory of Dialogue international forum, due in St. Petersburg on April 9-10, the event’s organizer, Roscongress, said in a press release, published on Tuesday. “Participants will learn about achievements in the industry and also conduct serious work on innovative projects that will help make a breakthrough in Russian shipbuilding,” the document quoted Adviser to the Russian President Anton Kobyakov as saying. The session will feature among others United Shipbuilding Corporation’s (USC) President Alexei Rakhmanov. “Another session at the International Arctic Forum will be devoted to the production and use of…

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Arctic still warming, Russia’s state weather service warns

Arctic still warming, Russia’s state weather service warns

MOSCOW, March 13. /TASS/. The Arctic tends to experience amplified warming, which, in particular, affects the mass of sea ice in the region, the Russian Hydrometeorology and Environmental Monitoring Federal Service said in a report on climate change in Russia in 2018. “In the Northern polar region, the year of 2018 was very warm, the second warmest on record since 1936, as the yearly average temperature amounted to 2.5 degrees [Celsius] above zero. In 2018, the monthly minimal volume of sea ice, documented in September, came to 4.57 million square kilometers, compared to 4.62 million square kilometers in 2017,” says the report released by the…

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European Parliament resolution doesn’t change legal norms for Nord Stream 2, says operator

European Parliament resolution doesn’t change legal norms for Nord Stream 2, says operator

MOSCOW, March 13. /TASS/. The resolution of the European Parliament urging to curtail construction of the Nord Stream 2 gas pipeline project does not change the legal framework governing implementation of the project, press service of Nord Stream 2 AG, the gas pipeline project operator, told TASS on Wednesday. “Irrespective of political declarations, the implementation of Nord Stream 2 is governed by a binding legal framework that has also been shaped by the European Parliament; the legal framework consists of EU law, international conventions and national legislation of the countries along the planned route. All works are determined by valid permits from the competent authorities…

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European Parliament’s resolution will not affect Nord Stream 2 — source

European Parliament’s resolution will not affect Nord Stream 2 — source

BRUSSELS, March 13. /TASS/. The European Parliament’s resolution on relations with Russia, which particularly calls for stopping the construction of the Nord Stream 2 gas pipeline, will not affect the project’s implementation and the measures the European Union has been taking to regulate it, a European diplomatic source told TASS on Wednesday. “The European Parliament’s resolutions are recommendatory. The European Commission always takes them into account but it is not obliged to fulfill the requests and demands they contain for it makes independent decisions,” the source said. While speaking about the Nord Stream 2 project, the source pointed out that the process of amending the…

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Deputy PM expects investment in Russia’s petrochemical industry to rise by $40 bln by 2025

Deputy PM expects investment in Russia’s petrochemical industry to rise by $40 bln by 2025

© Alexandr Ryumin/TASS MOSCOW, March 13. /TASS/. If implemented, the plan of action to develop Russia’s petrochemical industry by 2025 will boost investments in the sector by $40 bln, Deputy Prime Minister Dmitry Kozak said at a meeting with Prime Minister Dmitry Medvedev where the document was discussed on Wednesday. “According to preliminary estimates, the implementation of the roadmap (plan of action to develop Russia’s petrochemical industry by 2025 – TASS) will push investments in the sector up by $40 bln and create over 18,000 high-tech jobs. The potential of doubling the share of Russia’s petrochemical products on the global market by 10 mln tonnes through…

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Nord Stream 2 important for Europe, should be implemented — Austria’s OMV

Nord Stream 2 important for Europe, should be implemented — Austria’s OMV

VIENNA, March 13. /TASS/. Austria’s OMV oil and gas company, one of Gazprom’s partners in the Nord Stream 2 pipeline project, believes that the pipeline project is important for Europe and should be implemented, a company spokesman told TASS When asked about the European Parliament’s report on the matter, OMV Corporate Spokesperson Andreas Rinofner said the document was a part of a political discussion, which his company prefers not to comment. “We believe that this project is important for Europe and we fully support it,” Rinofner said. Earlier, the European Parliament approved a resolution on a report on the state of EU-Russia political relations, which…

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BP received no warnings from US officials over Rosneft — CEO

BP received no warnings from US officials over Rosneft — CEO

HOUSTON /Texas/, March 13. /TASS/. Multinational oil giant British Petroleum (BP), which holds a 19.75-percent stake in Russia’s Rosneft, has so far received no warnings from Washington following the US government’s accusations against the Russian company, BP CEO Bob Dudley told reporters on the sidelines of the CERAWeek conference on Tuesday. When asked whether he received any warnings or notifications from the US administration, Dudley replied: “No, I haven’t.” “I haven’t read it, I haven’t heard it, so I really wouldn’t be able to comment,” he added. “I did not actually hear about that.” US Secretary of State Michael Pompeo earlier said that Rosneft was…

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US does not want its European allies to depend on Russian gas — Pompeo

US does not want its European allies to depend on Russian gas — Pompeo

NEW YORK, March 13. /TASS/. Washington does not want its European allies to be hooked on Russian gas following the construction of th Nord Stream 2 pipeline, US Secretary of State Michael Pompeo has said. “We don’t want our European allies hooked on Russian gas through the Nord Stream 2 project any more than we ourselves want to depend on Venezuela for our oil supplies,” the US top diplomat told the CERA Energy Week’s “Reshaping the Energy Future” conference in Houston, Texas, on Tuesday. “Our plentiful oil supply allows to help our friends secure diversity for their energy resources,” he said, stressing the role of…

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Russia’s S7 Airlines suspends Boeing 737 MAX flights

Russia’s S7 Airlines suspends Boeing 737 MAX flights

© Tatyana Belyakova/TASS MOSCOW, March 12. /TASS/. The Russian air carrier S7 Airlines made a decision to suspend use of Boeing 737 MAX passenger jets until receiving data about causes of crash of the airliner of this type in Ethiopia on March 10, the company said on Tuesday. “S7 Airlines makes a decision to suspend operations of Boeing 737 MAX airliners from 00.01 am of March 13 Moscow time until receiving more detailed information about the investigation of causes of the Ethiopian Airlines’ jet crash. Airline specialists maintain a dialog with Boeing on a going basis and keep an eye on the investigation,” S7 reports. The…

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Lavrov lambasts Pompeo’s remarks about Rosneft

Lavrov lambasts Pompeo’s remarks about Rosneft

© Mikhail Japaridze/TASS MOSCOW, March 12. /TASS/. The recent storm of accusations by US Secretary of State Mike Pompeo against Russia’s oil producer, Rosneft, are not in line with international law, Russian Foreign Minister Sergey Lavrov told a press conference on Tuesday. “Recently, Pompeo accused Rosneft of violating US sanctions against the Venezuelan oil company and demanded that it stop buying oil from this company. Bad habits are contagious, so Guaido (leader of the Venezuelan opposition – TASS) already said that Venezuela should stop selling oil to Cuba. How does this harmonize with international law? In no way whatsoever,” the top diplomat stressed. Earlier, Pompeo said…

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Lavrov: Threats of sanctions against Nord Stream 2 contradict international law

Lavrov: Threats of sanctions against Nord Stream 2 contradict international law

MOSCOW, March 12. /TASS/. The threats of the United States to impose sanctions on the Nord Stream 2 gas pipeline contradict the international law, Russian Foreign Minister Sergey Lavrov said on Tuesday after talks with Austrian Foreign Minister Karin Kneissl. “Under the international law, this absolutely contradicts all the premises, all norms. It’s not for nothing that our American and some other Western colleagues no longer use this phrase “international law.” They urge everyone to follow the so called “rules based order”, the minister said. “If we follow the international law, then there must be an elementary competition of economic proposals. This also meets the…

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European Parliament calls to stop Nord Stream 2

European Parliament calls to stop Nord Stream 2

PARIS, March 12. /TASS/. The European Parliament considers necessary to curtail the Nord Stream 2 gas pipeline project, according to the report on the state of EU-Russia political relations approved on Tuesday. “Russia and the EU will remain key economic partners in the foreseeable future, but Nord Stream 2 reinforces EU dependency on Russian gas supplies, threatens the EU internal market and is not in line with EU energy policy, and therefore needs to be stopped,” the report says. “The EU’s dependency on Russian gas supplies has increased since 2015,” according to the report. “The deepening of EU integration and coherence between its internal and…

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Russian air agency requests recommendations from Boeing, US after Ethiopia crash

Russian air agency requests recommendations from Boeing, US after Ethiopia crash

© AP Photo MOSCOW, March 12. /TASS/. Russia’s Federal Air Transport Agency has sent formal requests to aircraft manufacturer Boeing and the US Federal Aviation Administration in the wake of the Boeing 737 Max 8 crash, which occurred on March 10 in Ethiopia, the aviation agency reports. There are currently two aircraft of this model operating in Russia. “Rosaviatsiya sent corresponding requests to a Boeing representative in Russia, as well as to the US Federal Aviation Administration, since this aircraft is designed and manufactured in the US, to provide recommendations on ensuring flight safety onboard the Boeing 737 Max 8,” the air agency stated. The aviation…

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Expert: Trans Arctic 2019 is the largest expedition in recent 30 years

Expert: Trans Arctic 2019 is the largest expedition in recent 30 years

VLADIVOSTOK, March 12. /TASS/. The Trans Arctic 2019 expedition, which will involve four research vessels, will be the biggest Arctic scientific expedition in recent 30 years, the Far East’s Hydrometeorology Studies Institute’s Acting Director Alexander Dunayev said in an interview with TASS on Tuesday. The expedition, which will continue to autumn, will consist of four stages. Scientists will study the Russian Arctic seas. Earlier, Prime Minister Dmitry Medvedev inked an order to allocate almost 870 million rubles ($13 million) for the studies. “We are happy to see the recovering state monitoring, including in the Far East seas,” the scientist said. “This work to monitor the…

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